In my last update i mentioned that i expected a lower low next to continue the series of lower highs and alternating LH/LL's. Well that was September 5th!!!. Since then nothing has happened and we consolidated sideways with no new highs or lows, hence no update. This method of trading is reserved and prevents over activity. If you need to be active there are other markets such as stocks which are highly volatile now. As always capital management is key in bear markets, and over-activity and guessing reversals is a bad habit.
Now back to my 5k buy trigger. I feel like i have been waiting for it for 5 months now. Its close and the fact that we are now holding slightly above it might mean its not the bottom. We have our green line representing our previous top at 5k on the daily and now support. Below it we have two blue lines indicating supports on the weekly. With the price action now i believe we are more likely to test the 4,600 weekly support. I will be looking to buy the low if possible but do not have a trigger yet, have to watch the price action as it develops and will update when it does if poosible. Small note we have yet to close under an old diagonal support which is still in play. I dont think this support is going to mark the reversal but its holding up now.
Until next time best of luck.
Now back to my 5k buy trigger. I feel like i have been waiting for it for 5 months now. Its close and the fact that we are now holding slightly above it might mean its not the bottom. We have our green line representing our previous top at 5k on the daily and now support. Below it we have two blue lines indicating supports on the weekly. With the price action now i believe we are more likely to test the 4,600 weekly support. I will be looking to buy the low if possible but do not have a trigger yet, have to watch the price action as it develops and will update when it does if poosible. Small note we have yet to close under an old diagonal support which is still in play. I dont think this support is going to mark the reversal but its holding up now.
Until next time best of luck.
just above the predicted weekly support. Still no signs of a proper reversal